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Stock Market Reaction
The Market responded rather stupidly after the dramatic events of the weekend when the group announced that former CEO Sergio Marchionne had been replaced saying his health was extremely serious. Marchionne remains admitted to the Zurich hospital, while his successor, Mike Manley – former head of the Jeep brand – is already working in Turin, where he will head the GEC, the group's decision-making body, on Monday and Tuesday. . The first activity on the agenda is the meeting of the board of directors, which will have to approve the quarterly budgets on Wednesday
.There are about twenty top managers who work for Sergio Marchionne in recent years, and from now on subordinated to Manley (who was part of this team). The group chose to pursue the business plan presented on March 1 by Marchionne to Balocco, the key word being "continuity".
Manley will debut in front of the financial community in the role of chief executive on Wednesday, and after the approval of the semi-annual financial statements, a conference call with analysts planned will be followed by Manley and the financial director. Yesterday, President John Elkann wrote to FCA's 250,000 employees, inviting him to join the new CEO of the company: "I'm sure you'll all support Mike, work with him and his leadership team to achieve objectives of the 2018-2022 industrial plan with the same involvement and integrity that have guided us to here. "
Sergio Marchionne's health conditions are serious, they seem irreversible but stable: the manager is interned at He was operated on at the University Hospital Zurich, after an operation on the right shoulder, with his partner Manuela and his two sons Marchionne. "Marchionne's replacement even prevented the president Sergio Mattarella, who (19659006) (function (d, s, id) {19659006] {function (d, s, id)
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